Thread: Zero Down Mortgages Restarted by Subprime Lender Fannie

Zero Down Mortgages Restarted by the Biggest Subprime Lender in Town - Fannie

Housing-Market / US Housing
Sep 12, 2010 - 10:08 AM

By: Trader_Mark

Good news folks... the "no skin in the game" mortgage is back. You know the game right? It's a one sided bet where the buyer can only win. If the house goes up, you pocket that and hopefully get that granite countertop you so deserve with the home equity. If it doesn't go up.... you walk - but only after living in the home rent free for at least 18-22 months as you strategically default your way to a mountain of savings while waiting for the sheriff to show up. If you are smart you can save at least $30K during this time. There are no losers here (except the U.S. taxpayer). [Jan 5, 2010: WSJ - The Treasury Department's Christmas Eve Masscare of the US Taxpayer] [Feb 1, 2010: 2 Graphs Showing Part of the Reason for the Christmas Eve Taxpayer Massacre] [May 12, 2010: [Video] Are Losses at Fannie and Freddie Now "National Policy"?] http://www.fundmymutualfund.com/2010/02 ... n-for.html

I could go on and on and on (and on) but let me save my breath - my warnings in late 07 and early 08 about Fanfredron (fannie + freddie + enron) went on deaf ears, so instead I'll clap and say good on you folks. Buying a $115K house for 67 cents is something our foreign readers must only cry in agony they have no opportunity to do. Those darn French and Germans still have to pay 20% down (snicker).

Can you see the 3 AM informercial now?

"For less than the price of a candy bar, you too can be a home 'owner'. Only in America!"

Next step as we wind our way through the Ponzi Matrix? When the government pays YOU to buy the home.

Via NYT: http://www.nytimes.com/2010/09/05/us/05 ... .html?_r=1

When the housing bubble burst, one of the culprits, economists agreed, was exotic mortgages, including those that required little or no money down. But on a recent evening, Matthew and Hannah Middlebrooke stood in their new $115,000 three-bedroom ranch house here, which Mr. Middlebrooke bought in June with just $1,000 down. (well at least he had $1000 saved)

Because he also received a grant to cover closing costs and insurance, the check he wrote at the closing was for 67 cents. (well at least he had 67 cents saved) “I thought I’d be stuck renting for years,â€

BTTT ~ You better wake up America ~ It may already be to late ~ But you better be awake